Section 11 in First Statutes of the Rai University
11. Appointment, Power and Responsibilities of the Chief Finance and Accounts Officer.
(1)The appointment of Chief Finance and Accounts Officer shall be made by the President(2)The Chief Finance and Accounts Officer shall have such qualifications and experience as may be prescribed by the Board of Management from time to time.(3)The Chief Finance Officer shall draw such salary, allowances and be entitled for such perquisites which shall not be less than the emoluments of the Deputy Registrar or equivalent person as prescribed by the University Grant Commission from time to time.(4)The term of office and the terms of appointment of the Chief Finance and Accounts Officer shall be prescribed by the Governing Body or by the President as the case may be.(5)The President may appoint a person to officiate as the Chief Finance and Accounts Officer in the event of temporary absence of the Chief Finance and Accounts Officer.(6)The Chief Finance and Accounts Officer shall exercise general supervision over the funds of the University and shall have such powers and responsibilities as may be delegated or assigned to him by the President or the Provost or the Finance Committee.(7)The Chief Finance and Accounts officer shall report to the Provost.(8)The Chief Finance Officer shall-i. Manage properties and investments of the University, including trust and immovable properties for fulfilling any of the objects of the University;ii. Be responsible for the preparation of the annual accounts and the budget of the University and for their presentation to the President/Governing Body after they have been considered by the finance committee;iii. Keep a constant watch on the cash, bank balance and investments;iv. Watch the progress of collection of revenue and advise on the methods of collection employed;v. Ensure that the registers of properties of the University are maintained properly and the stock- checking of equipment and other materials in the offices of the University including off-campus Centers, examination centres, Study Centers and other institutions maintained by the University is conducted regularly;vi. Bring to the notice of the President any unauthorized expenditure or other financial irregularities and suggest appropriate action,vii. Call from any office of the University, including off-campus centres, examination Centers, Study Centers and other institutions maintained by the University, any information or reports that he may consider necessary for the performance of his functions;(9)He will ensure that adequate controls commensurate with the size of financial operations are in place.(10)He shall ensure all statutory and timely compliances of Govt./ Taxation Departments/etc.(11)He shall be responsible for timely compliance of Audit requirements.(12)He shall be responsible for liaison with financial institutions/Bank and other financial matters.(13)Maintain all accounts & records as per regulating standards.(14)If, at any time upon representation made or otherwise and after making such inquiry as may be deemed necessary, the situation so warrants, that if the continuance of the Chief Finance & Accounts Officer is not in the interests of the University, the President may, by an order in writing stating the reasons therein, require the Chief Finance & Accounts Officer to relinquish his office from such date as may be specified in the order:Provided that before taking an action under this sub-section, the Chief Finance Officer shall be given an opportunity of being heard.
